 Today, I have the pleasure of speaking with Ian Chalmers from Alkan Resources. How are you today, Ian? Hi, Tracy. No, good. Thanks. I'm doing well. Thank you. And the headlines everywhere. We've got US, China, trade negotiations happening. We have China and Canada at each other. What is happening with the rare earth market? That's a good question, actually, and it's pretty hard to summarize in a short space of time. Surprisingly, or surprisingly to us, the rare earth market still hasn't shown the jumps that we believed it would have by now. The equity market is still very skeptical of us, and I think that's a combination of things. But eventually, the customers, the equity market are going to lock on or understand that if we're going down this EV path, which we all believe we are going, then the demand for rare earth magnets is just going to have to increase dramatically, and there just isn't the supply around at this point in time. So at some point in the not too distant future, the market is going to crack, and we are going to see some really, really strong interest. Of course, Ian, I think we're both getting our updates on what's happening with Linus, for instance, from just the general news media. What's your understanding of what's happening right now? My understanding, and going like you, I'm just getting it from the public domain, is that Linus have been instructed that they have to come up with a solution to the radioactive waste. Now in the meantime, they have stopped production, and I understand it was only initially for a month, while this review was completed. But they have to come up with an issue to deal with the radioactive waste that's already on site, and deal with it going forward. I believe it's a serious problem, but it's a problem that I don't believe the Malaysian government can't resolve, because there's too much outside influence on Malaysian government. There's a strong relationship between Japan and Malaysia, and really a lot of Linus' product goes to Japan. So I think I'd be very surprised if the Malaysian government shut down the operation. Well, I really appreciate the update with that. And speaking of updates, considering the size and the magnitude of your critical material resource, can you give us an update on what's happening with the Dubbo project? I had this pretty consistently for the last year or two years, and basically the Dubbo project is ready to go. We're continuing to work on off-take agreements. We're continuing to work on the finance. One of our major issues is our customers, particularly in the rare earth space, keep wanting to see discounts. They want to see discounts to Chinese domestic price. In other words, they're saying to us, yeah, we'll sign an off-take contract, but you accept the 17% VAT as a discount, and you put another small discount on top of that. And as the chairman stated at the lead into our annual general meeting back earlier in November, this amounts to something like a 20% discount to Chinese domestic prices. And our attitude to all of our sort of non-Chinese customers is we're not going to do that. If that's what you want to do, you want to play that game, then basically we'll proceed down other paths, and we'll get the project up and going in other ways, and then our product will be sold. And it's just the people that keep sitting there on their hands, and we'll just, they'll miss out, and that's our attitude. Well, you provided an update. I noticed in your most recent marketing deck a comment about the project engineering financials. Is there anything that you would like to comment on that at this time? Not really. I think it's pretty much up to date. It's up to scratch. As I said, we're ready to go. Really, we can't do anything more. We've done the engineering's been done to death. We've really done it all, looked at different ways of developing it to reduce capital costs, those sorts of things. We've done as much as we possibly can. The only things we've been continuing to do in the last 12 months really is work on the Zirconium hafnium side of the business. We see a big strong growing demand there, and it'll have a big impact on our revenue. But realistically, we could start tomorrow. If somebody gave us access to the financing, we could start construction tomorrow. We're all approved. There's no other issues. We're effectively underway. Well, forgive me. We keep stressing the rare earths here in, of course, you're a world-class rare earths expert, and we believe rare earths in the new year will be the new vanadium. Can you tell us a little bit more about the suite of rare earths that the Dubbo project has for investors out there that may not be familiar with the Alcaine project and looking to redirect their cannabis winnings from this last year? Sure, Tracy. Basically, we have all the rare earths. We can produce the full 15, 16 spectrum of rare earths. But if you look at it from an economic perspective, the key really are, the key rare earths are near, sorry, near Denium and Prazer Denium, and then secondarily, Disprosium and Turbium. So they're the key four elements that drive the economics, and that's about 90% of the revenue base from the rare earths for the Dubbo project. Other things like Lanthanum, Serum, yes, you can sell them, but they're extremely low price. Yitrim's a bit in the same boat. But on the side, and because we're talking to so many different groups and organizations around the world, particularly with other metals like Zaconium, which require a lot of rare earths and some of the alloying, there are increasing demand for a number of the other rare earths. But they're still small volumes, but basically increasing demand. But to summarise my answer, really near Denium and Prazer Denium drive the rare earth component of the Dubbo project. And of course, these magnetic materials, the only place and the controlling producer and processor still continues to be China. Is that not correct? Absolutely. The Chinese totally dominate that side of the industry. And if you interpret what they state, this is the authorities in China state, they will continue to dominate it. They basically made it very clear that they will not allow any Chinese magnet operators and magnet constructors to work outside of China. So that technology is going to stay inside China. So realistically, if you want to get access to rare earth permanent magnets, you're going to have to come in and deal with Western companies that are capable of producing the metals first up and then going down the full process to a flow sheet to get to producing magnets. And that's a path that we've been working on as much as we can. But it's still not a guaranteed path at this stage. So let me just ask you, I mean, some companies are claiming they have a competitive advantage in that they have the rare earth extraction technology processes under hand. Can you comment on your own competitive advantages on this front? We have a flow sheet that works. Basically, we have a flow sheet that uses existing solvent extraction technology to produce separated rare earth. So we can produce the full spectrum of rare earths. I mean, there are a number of other processes out there. But at this stage, we haven't seen any reason or need to go down those paths because we basically have an economic process and a process that produces the high quality products. So our advantage, if you like, is that we have the zirconium, the hafnium and the niobium. And that's an important part for our revenue stream. Our zirconium still produces 40% of the revenue for the project. So that's our advantage. We don't claim any technological advantage. We claim that we have a flow sheet and we know it works and we can produce separated products. I know you want to talk about zirconium. I know you want to talk about the hafnium. I noticed you had some results with your hafnium, for instance, recently that were quite significant. Would you like to comment on that? Yeah, the flow sheet, we can now produce a high purity zirconium and a high purity hafnium oxide of both those metals. And there's a growing market for those metals, the high purity ones. The ones that are the most interesting, the ones that are the most exciting is the hafnium. The hafnium, the growing R&D applications and commercialization of a number of applications in hafnium really is an exciting space. It's just fun to watch it and watch what's happening. And we'd like to see obviously that grow in the next four or five years and we can grow our hafnium output to get into that market. But the interesting thing too is on the zirconium side, it's worth mentioning that most zirconium chemicals come out of China, probably 90% come out of China. And they are seriously cracking down on environmental aspects of some of their operations. Like what we're seeing slowly in the rare earth space. We know of at least one zirconium chemical plant that's been closed by the Chinese authority in the last month. So that will slowly work through the market and people will understand that if you want to stay in these metals, the zirconium rare earth metals, you have to look outside of China. Otherwise the Chinese are just gonna dominate the whole industries and that's really what they're setting out to do by 2025. So Ian, you and I have been following this space for a really long time. I mean, you've been in the business for how long? The rare earth business, I've been associated with it for 30 years. Okay, so you've been in this- It doesn't show? This business, you've been in this industry for over 30 years now. This industry, as I think you commented earlier, needs to wake up. Can you just give us kind of a conclusion summary of where we are right now and what you think might happen in the new year? Basically, our view is that we can play the same game. We can outweigh them. We don't have to put double into production. We really don't have to. We can wait until the market, the non-Chinese market accepts the fact that it must deal with pricing structures that are commercial for non-Chinese companies. In Elkheim's case, we've stated it. We can wait also. We'll wait until we get commercially sensible pricing. We've got our gold operations. We're generating good cash line from our gold operations. We can continue to do that. We've made it clear to the market that we're expanding those gold operations. So we don't have to put double into production. We want to. We definitely want to. But at the same time, we're not going to be driven to put it into production at prices, which are not commercial prices. Well, Ian, as always, it's a real pleasure. Thank you so much for providing us with an update on Elkheim's double project today. Thanks, Tracy.